Buying a second residence in that little town where you used to spend the summer with your parents as a child, or in that urbanization near your favorite beach, are dreams that may seem very distant and sometimes impossible to fulfill. However, with the right help, sometimes dreams do come true; And it is that, if you can dream big, why not do it?
In this case, at Hipotecasplus we offer ourselves as your best allies so that you can buy a second home without too many headaches. It is true that banks tend to put more obstacles and difficulties in granting mortgages for second homes, since, since it is not your habitual residence, there is more risk that in the event that you suffer a bad economic run, you decide to stop paying the mortgage of what is not your habitual residence. To try to “solve” this inconvenience that exists from the point of view of the banks, what they do is impose higher fees, higher interest, and a degree of financing and a shorter repayment term than if it were a mortgage. for a first home. Thus they ensure that, if you manage to circumvent all these requirements, you will have enough financial capacity to pay up to two mortgages at the same time, if necessary.
Whatever your particular case, from Hipotecasplus, as mortgage brokers that we are, we will dedicate ourselves to searching among all the banking entities which is the one that offers you the most advantages for your profile, and thus we will get you the best mortgage for a second home in the real estate market according to your possibilities and needs. The fact of acting as intermediaries between banks and clients, allows us to know perfectly both sides of the mortgage panorama, and thus advise you with the best options that you have for you and yours.
Best mortgage for a second home Banco Sabadell
It is well known that Banco Sabadell is demanding when it comes to granting mortgages and interest rates regardless of the type of residence, whether it is for the purchase of your usual home or your vacation home. For this reason, if your idea is to take out a mortgage loan in relation to a second home, keep in mind that it will be better if you have a high monthly income, a good stable employment situation, and good previous savings. If you want to obtain more competitive and affordable interest, you could contract your home, life and payment insurance with the bank itself, as well as direct debit your payroll, so that the interest can be reduced. If not, there is always the option of trusting Hipotecasplus and our experience, since we can get you more competitive and favorable prices in other banking entities if we do an exhaustive and comparative search between the different market options.
If we look at the financing percentage that Banco Sabadell will be willing to lend you in advance, it is 70% of the appraisal value, as it is a second home. Thus, you can see the difference between the degree of financing for habitual residences (80%) and for second residences (70%).
Buying a second home with a mortgage at Banco Sabadell
Taking the financing of up to 70% for second homes at Banco Sabadell as a reference, we recommend that you have enough previous savings to be able to face this payment. As a general rule, it is often said that you have to have 30% of the price of the house saved, because in this way you will be able to pay the percentage of the house that does not enter the mortgage loan, as well as the expenses associated with the sale of the apartment. . These expenses are the usual ones in any sale, notary, property registry, property transfer tax and agency. In total, these expenses range between 10% and 13% of the purchase price depending on which autonomous community you live in.
Looking now at the repayment period, keep in mind that, as banks rely less on loans for second homes, they tend to lower the time limit during which you can repay the mortgage loan. Normally, Banco Sabadell will offer repayment terms of up to 30 years, but in the case of second homes, and depending on your particular characteristics, it is quite likely that this repayment time will be reduced to 25 years.
Banco Sabadell Mortgage for a second home 100%
If you want to be 100% sure that Banco Sabadell will grant you the mortgage for your dream holiday home, one of the best cards you can play is that of the additional guarantee. Specifically, present your first residence -in case you have already just paid for it- to act as a guarantee for your second home. In this way, the banks will see a clear sign of willingness and ability to buy, and it is more likely that they will give the green light to your second mortgage. Because? Well, because, in the event that you cannot continue paying the installments corresponding to the mortgage of your second home, the bank could keep your first residence. And, is there any more effective guarantee than lending your own house, where you live every day with your family?
Calculate the Banco Sabadell mortgage payment for a second home
Before making a final decision, at Hipotecasplus we recommend that you calculate the installment you should pay if you hire your second home through Banco Sabadell. From its web portal, you will find the option to fill in some data and discover in a single click what monthly fees you should face. In this way, you can decide if you want to go ahead with this operation or not.
Finally, remember that there is also our mortgage simulator, which will calculate your mortgage payments quickly and very simply. In addition, you can contact our offices, online or by phone, so that we can resolve any questions you may have in this regard. Don’t think twice and trust Mortgagesplus!
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